American Assets Trust, Inc. (NYSE: AAT) delivered net income of $4.2 million for the three months ended December 31, 2025. Additionally, the company introduced 2026 guidance with FFO midpoint at $2.03. AAT Q4 2025 earnings demonstrated resilience as the San Diego-based real estate investment trust reported total revenue of $110.1 million for the fourth quarter. Visit American Assets Trust Investor Relations for supplemental financial information.
AAT Q4 2025 Earnings: Market Performance
As of early February 2026, American Assets Trust trades on the New York Stock Exchange under the ticker AAT. The company’s market capitalization stands at about $1.1 billion. Moreover, the stock offers a dividend yield of 7.35%. The share price has traded within a 52-week range of $16.69-$28.41. Furthermore, the company declared a quarterly dividend of $0.340 per share for Q1 2026, payable on March 19, 2026.
AAT Q4 2025 Earnings: Quarterly Financial Results
Total revenue for Q4 2025 reached $110.1 million. In comparison, Q4 2024 revenue totaled $113.5 million, marking a 3% year-over-year decline. However, same-store cash NOI remained flat at $66.1 million. Specifically, office segment cash NOI rose 1.2% to $34.5 million. Meanwhile, retail segment cash NOI declined 1.8% to $17.1 million. Consequently, mixed-use segment cash NOI increased 1.2% to $5.5 million.
Net income attributable to common stockholders totaled $3.1 million for Q4 2025. This represents a decrease from $9.0 million in Q4 2024. The decline resulted primarily from reduced lease termination fees. Additionally, lower litigation income contributed to the year-over-year decrease. For more details, see the official American Assets Trust Q4 2025 earnings press release.
Full Year 2025 Performance
For the full year 2025, American Assets Trust generated total revenue of $436.2 million. This compares to $457.9 million in 2024, reflecting a 4.7% decline. Net income for 2025 reached $71.4 million. Same-store cash NOI for the year increased 0.5% to $264.9 million. Notably, the company completed the sale of Del Monte Center in February 2025. This transaction generated a $44.5 million gain on sale.
Figure 1: AAT Q4 2025 Earnings – Quarterly Revenue Trend
Leasing Activity and Portfolio Performance
During Q4 2025, the company signed 37 leases covering about 236,800 square feet. Office leasing totaled 193,000 square feet. Of this, 135,000 square feet represented comparable leases. These achieved an 11.5% increase on a straight-line basis. On a cash basis, office rents increased 6.6%. Similarly, retail leasing reached 43,000 square feet. Retail comparable leases showed a 24.3% straight-line rent increase.
Portfolio occupancy remained stable across segments. Office occupancy stood at 83.1% as of December 31, 2025. Retail occupancy reached 97.7%. Multifamily occupancy totaled 93.7%. In addition, the mixed-use retail portion achieved 96.2% occupancy.
Figure 2: American Assets Trust Q4 2025 Earnings – Same-Store Cash NOI by Segment
Balance Sheet and Liquidity
At December 31, 2025, American Assets Trust held gross real estate assets of $3.8 billion. Total liquidity reached $529.4 million. This comprised cash and cash equivalents of $129.4 million. Additionally, the company maintained $400 million of availability on its line of credit. Notably, only 1 of 31 assets carried mortgage debt. In November 2025, the company extended its credit facility maturity to July 5, 2026.
2026 Guidance and Outlook
Management introduced 2026 FFO guidance with a midpoint of $2.03 per diluted share. The guidance range spans $1.96-$2.10 per diluted share. This compares to $2.00 FFO per diluted share achieved in 2025. The guidance excludes impacts from future acquisitions or dispositions. It also excludes potential equity issuances or debt financing activities.
Industry Context
American Assets Trust operates a diversified REIT portfolio across high-barrier-to-entry markets. The company’s office portfolio spans about 4.3 million rentable square feet. Its retail portfolio comprises about 2.4 million rentable square feet. Furthermore, the company owns 2,302 multifamily units. The mixed-use property includes 94,000 square feet of retail and a 369-room hotel. Properties are located primarily in Southern California, Northern California, Washington, Oregon, Texas, and Hawaii.
American Assets Trust Q4 2025 Earnings: Key Takeaways
· Q4 2025 total revenue reached $110.1 million. Same-store cash NOI remained flat year-over-year.
· Office leasing spreads increased 11.5% on a straight-line basis. Retail spreads gained 24.3%.
· Full year 2025 FFO totaled $2.00 per diluted share. Management guided 2026 FFO to $1.96-$2.10.
Connect with the company on American Assets Trust LinkedIn.